RHI(SZ:002483) Southwest Securities·2024-10-31 14:45Investment Rating - The report maintains a "Buy" rating for Runbang Co., Ltd. (002483) with a current price of 5.10 CNY [1]. Core Insights - The company's performance in Q1-Q3 2024 met expectations, with revenue of 5.15 billion CNY, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 260 million CNY, up 17.3% year-on-year [1]. - The company has optimized its business structure and implemented lean management, resulting in improved gross and net profit margins, while the expense ratio has decreased [2]. - The company has a robust order backlog and is expected to see sustained growth from its high-end equipment sector, particularly in material handling and marine engineering [3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 19.3%, up 1.6 percentage points year-on-year, and a net margin of 7.0%, up 1.3 percentage points year-on-year [2]. - In Q3 2024 alone, revenue was 2.00 billion CNY, a 3.5% increase year-on-year, with a net profit of 81 million CNY, reflecting a 37.5% year-on-year growth [1]. Business Development - The company has expanded its global presence in the material handling equipment sector through acquisitions and partnerships, with significant orders from projects in the UAE expected to contribute to revenue in 2024-2025 [3]. - The marine engineering segment is also poised for growth, with the company actively pursuing opportunities in specialized vessels and offshore engineering [3]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 430 million CNY, 570 million CNY, and 610 million CNY, respectively, indicating a compound annual growth rate of 122% over the next three years [3].